U.S. stocks waver narrowly ahead of Yellen speech

U.S. stocks fluctuated between small gains and losses in the morning session Wednesday, as investors awaited an afternoon speech from Federal Reserve Chair Janet Yellen.

By midday, the Dow Jones Industrial Average fell 50.57 points, or 0.26 percent, to 19,776.20. The S&P 500 edged down 0.52 point, or 0.02 percent, to 2,267.37. The Nasdaq Composite Index decreased 0.41 point, or 0.01 percent, to 5,538.32.

Investors are watching closely on the speech from Yellen about the goals of monetary policy, for more clues on the pattern of the Fed's rate hikes. Ahead of that, the Fed will release its Beige Book early in the afternoon.

On the economic front, the Consumer Price Index (CPI) for all urban consumers increased 0.3 percent in December on a seasonally adjusted basis, in line with market consensus, the U.S. Labor Department reported Wednesday.

Over the last 12 months, the all items index rose 2.1 percent before seasonal adjustment.

U.S. industrial production rose 0.8 percent in December after falling 0.7 percent in November, the Fed said Wednesday.

Meanwhile, U.S. builder confidence in the market for newly-built single-family homes remained on firm ground in January, down two points to a level of 67 from a downwardly revised December reading of 69 on the National Association of Home Builders/Wells Fargo Housing Market Index.

On Tuesday, the U.S. stocks ended lower after wavering in a tight range, as Wall Street pondered over comments from British Prime Minister Theresa May on Brexit. Enditem